Feasibility Confirms Project Validity
A feasibility study categorically and independently answers the question “do I have a valid product idea?” Based on both primary and secondary research, the outcome of a feasibility study ultimately decides whether the idea progresses further into the NPD process, is killed or delayed pending further research. The reason for completing a feasibility study before the business plan commences is to ensure agreement is reached on the idea’s validity before further resources are committed to the project.
A thorough feasibility study involves a detailed study of the following three areas:
- Market Size and Potential
- Detailed Competitor Review
- Customer Research and Needs Assessment
- Route(s) to Market
- Prototype Development
- Legal Assessment (e.g. patents)
- Technical Feasibility
- Product Roadmap
- Manufacturing Requirements
- Operational Costs
- Sales Resources
At IMS, we have conducted hundreds of feasibility studies for clients across various industries.
The ultimate end goal a feasibility study is to answer the following questions:
- Does an opportunity exist to profitably bring your new product to market?
- What are the commercial, technology and operations issues which need to be addressed in the commercialisation of your idea?
- Is your product idea suitable to progress to the next stage of the NPD process or is additional research or development needed first?
Need another reason to complete a feasibility study?
Here are a few!
- Increase the likelihood of success by identifying, addressing and mitigating issues early in the NPD process that could affect project realisation
- Timely and accurate information improves decision making
- Provides a project focus
- Narrows product idea alternatives to those with the highest potential
- Identifies new, previously unknown opportunities
- Provides rationale to proceed /not to proceed
- Provides written proof that the business idea was fully investigated.
- Aids in generating funding from lending institutions and other monetary sources.
- Helps to attract equity investment.
Are you interested in our New Product Development Services?
Contact us if you would like to discuss your requirements with a member of our specialist team.